If he
Mr Natwarlal has a R.D. account in a bank of Rs 2000
per month at the rate of 10%. S.I. per annum. If he gets Rs 83100 at the time of maturity, find the total time for which the account was held.
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Answer:
principle = 2000
rate =20%
Amount= 83100
No. of compounds per year = n = 12
A=P(1+r/n)nt
83100=2000(1+20/100×12)12
83100=2000(1+1/60)12
83100=2000(1/1+1/60)12
83100=2000(60+1/60)12
83100=2000(61/60)12
83100/12=2000×61/60
83100/12=200×61/6
83100/12=200(61/6)
83100/12×200=61/6
831/24=61/6
Now cross multiply
831×6=24×61
4986=1464
now divide
3.4057.....
Approx 3 years
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